Terra Classic Crash Soon? 30% LUNC Price Drop Looms with Terralab vs SEC Hearing !!

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Terra Luna Classic (LUNC) price dropped 32% due to Bitcoin's slump and a "stiff seller congestion zone."

A legal battle between Terraform Labs and the SEC on March 25th could significantly impact LUNC's future.Despite the bearish trend, a chain upgrade planned for the same day might bring positive developments for LUNC.The cryptocurrency market experiences a rough patch as Bitcoin’s value plunges below $70K, causing a ripple effect that impacts altcoins like Terra Classic, leading to a significant 32% decline. In the midst of this volatility, LUNC’s value, currently at $0.00013, takes a sharp dip from its recent highs.

Adding to the uncertainty is an upcoming legal clash between Terraform Labs, the team behind Terra Luna, and the Securities and Exchange Commission (SEC). Scheduled for March 25, this showdown holds immense importance for Terra Luna Classic and its future.Despite the legal challenges, Terra Luna Classic is set to introduce its anticipated chain upgrade on the same day as the hearing. The v2.4.2 upgrade aims to bring in Inter-Blockchain Communication (IBC)-Hooks, a feature that allows decentralized applications (dApps) to integrate seamlessly with the Terra Luna Classic network.

The outlook for LUNC’s price remains uncertain amidst these developments. With Terra Classic seeing a significant 48% correction from its peak in March, attention turns to the critical double-bottom support at $0.00012, previously reached in February. This support level could potentially trigger a rebound, bringing optimism after a notable rally to $0.000255.

However, technical indicators suggest a bearish trend, with the Relative Strength Index (RSI) below the 50 midline and the Awesome Oscillator (AO) signaling a negative shift, indicating a possible continuation of the downtrend. If selling pressure persists, LUNC’s price could drop further, possibly reaching $0.00009170, marking a 30% decline from current levels.